👉 In mathematical finance, a semi-exogenous variable is one that is not directly influenced by market prices. This means that the value of an asset or another semi-exogenous variable depends on its own internal dynamics and price movements, rather than external factors such as interest rates, inflation, or economic conditions. For example, in a bond portfolio, if bond A has a negative yield curve (meaning it yields less than bonds B and C), then a decrease in the yield of bond A will have an effect
